Construction Completion Date definition
Examples of Construction Completion Date in a sentence
It is understood that while ▇▇▇▇▇ must substantially complete construction of at least $300,000.00 worth of Physical Improvements on the Property by this date, construction of improvements in excess of $300,000.00 can and may continue after the Construction Completion Date.
Seller must initiate Seller’s option to repurchase the Property no later than the Construction Completion Date; if Seller fails to initiate its repurchase option by delivering notice to the Escrow Agent in accordance with subsection (a) above, then Seller’s option to repurchase shall expire and be of no further effect.
It is the understanding of the parties hereto that Buyer will incur such improvement-related costs, but that these shall not count towards the $300,000.00 of actual physical improvements that must be made to the subject Property before the Construction Completion Date.
So long as Seller exercises its option in this manner prior to the Construction Completion Date, any failure on Buyer’s part to consummate the repurchase, or any occurrence outside of Seller’s control that shall cause Closing of the repurchase of the Property to take place more than 90 days after Seller’s notice to the Escrow Agent as provided in subsection (a) shall not thereby void Seller’s right to repurchase the Property, and Seller shall be entitled to specific performance under this Agreement.